Clubbing of income from gifted property failed where the claim surfaced after reassessment limitation, sustaining capital-gains assessment in spouse's...
Employee stock-option discount qualifies as revenue expenditure, while royalty and service comparables require reliable functional and transactional b...
Special insurance income computation preserves statutory deductions while limiting transfer-pricing, withholding and disallowance adjustments for gene...
Disclosure of Bitcoin trading sales, purchases, opening and closing stock, and net income under business profits was sufficient for reassessment purposes. Where the income-tax return contains no distinct head for cryptocurrency income, failure to report transactions under a separate head does not establish a failure to make full and true disclosure. The alleged non-disclosure was contradicted by the return, reply, and reconciliation statement; consequently, the reassessment notice and order were quashed and the writ petition succeeded.
Disclosure of Bitcoin trading sales, purchases, opening and closing stock, and net income under business profits was sufficient for reassessment purposes. Where the income-tax return contains no distinct head for cryptocurrency income, failure to report transactions under a separate head does not establish a failure to make full and true disclosure. The alleged non-disclosure was contradicted by the return, reply, and reconciliation statement; consequently, the reassessment notice and order were quashed and the writ petition succeeded.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4910 
